Persecution Complex

The stockmarket, as the sum total of many bets on the future, almost always anticipates (and frequently overanticipates) good or bad news. Last week, when Italy finally threw in the towel, the market took the good news in traditional style: it went down. But the drop, two-thirds of a point on the Dow-Jones industrial average, was picayune compared to the threeday, 6½-point nose dive that followed the fall of Mussolini last July, and was more than made up in the next day's trading.

The drop, on receipt of good news, illustrated anew the...

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